Dover vs Xylem
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The short version
- Xylem is the larger business, with $9.0B of revenue in fiscal 2025 against $8.1B for Dover.
- Xylem grew revenue faster (5.5%, against 4.5%).
- Dover kept more of each dollar of sales as operating profit (17.0% operating margin, against 13.5%).
- Dover turned more of its sales into free cash flow (13.8% FCF margin, against 10.1%).
- Dover earned a higher return on the capital invested in it (12.0%, against 8.1%).
- Investors pay more for each dollar of Xylem’s earnings: a P/E of 25.9x against 23.2x for Dover.
| Latest fiscal year | DOV · FY25 | XYL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.9B | $25.7B |
| Revenue | $8.1B | $9.0B |
| Free cash flow | $1.1B | $910M |
| Net income | $1.1B | $957M |
| Growth | ||
| Revenue growth | 4.5% | 5.5% |
| 5-year growth | 3.9% | 13.1% |
| Share count change | −0.7% | 0.2% |
| Profitability | ||
| Gross margin | 39.8% | 38.5% |
| Operating margin | 17.0% | 13.5% |
| Net margin | 13.5% | 10.6% |
| FCF margin | 13.8% | 10.1% |
| Return on capital | 12.0% | 8.1% |
| Return on equity | 15.2% | 8.7% |
| Balance sheet | ||
| Net debt | $2.4B | $1.1B |
| Net debt / EBITDA | 1.4x | 0.6x |
| Dividends and buybacks | $824M | $406M |
| Valuation & quality | ||
| P/E | 23.2x | 25.9x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
DOV $6.0B
XYL $3.8B
FY17
DOV $6.8B
XYL $4.7B
FY18
DOV $7.0B
XYL $5.2B
FY19
DOV $7.1B
XYL $5.2B
FY20
DOV $6.7B
XYL $4.9B
FY21
DOV $7.9B
XYL $5.2B
FY22
DOV $7.8B
XYL $5.5B
FY23
DOV $7.7B
XYL $7.4B
FY24
DOV $7.7B
XYL $8.6B
FY25
DOV $8.1B
XYL $9.0B
DOV
XYL
Operating margin
FY16
DOV 11.7%
XYL 10.8%
FY17
DOV 11.8%
XYL 11.7%
FY18
DOV 12.1%
XYL 12.6%
FY19
DOV 13.7%
XYL 9.3%
FY20
DOV 14.0%
XYL 7.5%
FY21
DOV 16.2%
XYL 11.3%
FY22
DOV 16.3%
XYL 11.3%
FY23
DOV 15.9%
XYL 8.9%
FY24
DOV 15.6%
XYL 11.8%
FY25
DOV 17.0%
XYL 13.5%
DOV
XYL
Free cash flow
FY16
DOV $595M
XYL $373M
FY17
DOV $569M
XYL $516M
FY18
DOV $618M
XYL $349M
FY19
DOV $759M
XYL $613M
FY20
DOV $939M
XYL $641M
FY21
DOV $944M
XYL $330M
FY22
DOV $595M
XYL $388M
FY23
DOV $1.2B
XYL $566M
FY24
DOV $920M
XYL $942M
FY25
DOV $1.1B
XYL $910M
DOV
XYL
Return on capital
FY16
DOV 8.2%
XYL 9.0%
FY17
DOV 9.8%
XYL 9.1%
FY18
DOV 10.9%
XYL 13.5%
FY19
DOV 14.2%
XYL 10.0%
FY20
DOV 12.9%
XYL 7.5%
FY21
DOV 16.0%
XYL 11.5%
FY22
DOV 14.8%
XYL 11.4%
FY23
DOV 13.0%
XYL 7.8%
FY24
DOV 11.6%
XYL 7.1%
FY25
DOV 12.0%
XYL 8.1%
DOV
XYL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.